Mortgage Rate Update 8 29 14

Mortgage interest rates have barely budged from yesterday's levels, and aside from Chicago PMI, which exceeded expectations and jumped by 11.7 points in August, effectively recovering from the lows recorded in July, few other significant reports are due. Strong data out of Chicago, but like yesterday, not enough to push bonds into negative territory given activity overseas.

For other market movers this week, keep an eye out for tomorrow's Personal Consumption and Chicago PMI.

Yesterday: The European Central Bank's announcement of plans to begin their own quantitative easing by spring 2015 had the American bond market caught up in a feeding frenzy. This is all in spite of perfectly delightful GDP data (4.2 percent), lowered Jobless Claims, and strong Pending Home Sales - the strongest in close to a year.